The AI Economy Book Summary - The AI Economy Book explained in key points
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The AI Economy summary

Roger Bootle

Work, Wealth and Welfare in the Robot Age

4 (230 ratings)
22 mins

Brief summary

'The AI Economy' by Roger Bootle explores the impact of artificial intelligence on the economy. It examines how AI will shape industries and transform the way we work, live, and interact. The book offers insights into policy implications and strategies for success in the age of automation.

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    The AI Economy
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    The spread of robots and AI will lead to a fourth industrial revolution similar to the ones we experienced before.

    How can we predict the future of the global economy? Well, in order to understand the present and speculate on what’s next, we might look to the past for answers.

    For economists, the most significant historical process to study is the Industrial Revolution. But according to American economist Robert Gordon, there has not just been one but three separate industrial revolutions. The first was the process of technological innovation, social and political change, which began in Great Britain in the late eighteenth century with the invention of steam engines and railroads.

    The second one began at the end of the nineteenth century, with the invention of electricity, combustion engines and telephones. The third one happened in the 1960s, after the invention of the computer. And now, with the technological advancements of robots and AI, we are about to enter a fourth industrial revolution.

    However, AI and robotics have been so overhyped that it's tempting to think that they will usher in a much more radical transformation of the world, rather than "just" another industrial revolution. Now, it’s true that robots and AI have made significant strides in recent years – in processing power, algorithmic decision-making and text and image recognition. In 2016, for example, Google’s DeepMind AI beat the reigning human champion of Go, a complicated Chinese board game.

    But even here, progress has been limited. For example, Google recently tried to train AI to recognize images of cats on YouTube with much less success: it took the power of 16,000 computers to identify a single one. And then there are still plenty of skills, including creative thinking, emotional intelligence and manual dexterity, that robots and AI have difficulty mastering, and there is no obvious solution in sight. So despite what AI enthusiasts promise, there is little reason to believe that machines will replace humans in all but a very specific set of jobs in the near future.

    So what can we expect from the fourth industrial revolution of robots and AI? Well, even though the previous revolutions did not lead to an immediate improvement in living conditions for workers, over time their wages and quality of life increased. In the year 2000, the global per capita GDP was over thirty times more than it was in 1800. Similarly, the AI revolution might be more of a process than a single, dramatic event. But if it follows the same pattern, it will boost productivity and economic growth, making everyone better off in the long run.

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    What is The AI Economy about?

    The AI Economy tackles the most pressing economic questions surrounding the rise of Artificial Intelligence. How will the development and spread of smart machines’ age affect our jobs, wages and work hours? How will it impact investment, interest rates and inequality? Acclaimed economist Roger Bootle applies his knowledge of history, technology and macroeconomics to investigate how the fourth industrial revolution will transform the global economy. 

    The AI Economy Review

    The AI Economy (2019) is a thought-provoking exploration of how artificial intelligence is shaping our world and economy. Here's why this book stands out:

    • By presenting compelling evidence and real-life examples, it offers a comprehensive analysis of the impact AI has on various industries and job markets.
    • Through insightful discussions on the future of work and automation, it offers valuable insights for business leaders and individuals navigating the evolving economy.
    • With its accessible language and engaging narrative, it manages to present complex concepts in a way that captivates readers, ensuring that the topic never becomes dull.

    Who should read The AI Economy?

    • Business owners and investors who want to make the most of the new economy
    • Government officials and policymakers who want to help people thrive in the robot age
    • Individuals who wish to prepare themselves for the AI revolution

    About the Author

    Roger Bootle is a British economist and columnist for The Daily Telegraph. He founded the macroeconomic research consultancy Capital Economics and has written multiple influential economy books, among them The Death of Inflation (1998) and The Trouble with Europe (2014).

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    The AI Economy FAQs 

    What is the main message of The AI Economy?

    The main message of The AI Economy is the impact of artificial intelligence on the economy and society.

    How long does it take to read The AI Economy?

    The reading time for The AI Economy varies depending on the reader's speed. The Blinkist summary can be read in just 15 minutes.

    Is The AI Economy a good book? Is it worth reading?

    The AI Economy is a thought-provoking read for anyone interested in the future of technology and its economic implications.

    Who is the author of The AI Economy?

    The author of The AI Economy is Roger Bootle.

    What to read after The AI Economy?

    If you're wondering what to read next after The AI Economy, here are some recommendations we suggest:
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